Corresponding to a decline of about $11 billion, a decline by 21.9 percent year on year to $40 billion posted by Saudi Arabia’s oil exports in Q1. Hurt by an oil price war between Saudi Arabia and Russia and the coronavirus pandemic, Brent crude prices fell more than 60 percent in the quarter.
The General Authority for Statistics said the main reason behind a 20.7 percent decline in the value of overall merchandise exports in Q1 was the decline in oil exports. Non-oil exports, including plastics and chemicals, plunged by 16.5 percent.
From January to March 2020, the main destination for Saudi exports was China, followed by Japan and India. For Saudi imports, China was also the main origin. The kingdom’s oil revenue slumped by 24 percent to $34 billion. A $9 billion budget deficit registered by Saudi in the quarter.
